NIEN MADE ENTERPRISE Business Summary

Nien Made Enterprise Co., Ltd. (8464.TW) is a leading global manufacturer and distributor of window coverings, specializing in a comprehensive portfolio of shutters, blinds, and shades. The company generates revenue through two primary business segments: "Stock" window coverings, which are mass-produced for major retail partners like Home Depot and Walmart, and "Custom" window coverings, which are high-margin, made-to-order products sold through regional business centers and local décor retailers. Nien Made distinguishes itself through a highly vertically integrated model, producing over 90% of its components in-house and employing the Toyota Production System (TPS) to optimize its manufacturing facilities in China, Cambodia, Mexico, and the U.S. Within the global market, the company competes directly with major players such as Hunter Douglas, Springs Window Fashions, and Newell Brands (Levolor), maintaining a competitive edge through its ability to deliver premium custom solutions at scale with superior lead times. Founded in 1974 by Norman Nien, the company has evolved from a small Taiwanese workshop into a publicly traded industry leader. The current leadership team is anchored by the founder’s sons: Nien Keng-hao (Richard Nien) serves as Chairman, while Nien Chao-hung (Thomas Nien) holds the role of President, having been promoted in June 2023 to oversee global operations. The executive team is noted for its pedigree in lean manufacturing and strategic expansion into the North American and European markets. Nien Made’s governance is supported by a stable of prominent institutional investors, including Fubon Life Insurance and Yi Pao Investment Co. Ltd., alongside global firms such as Hermes Investment Management and Orbis Investment Management. This family-led management structure is credited with the firm’s long-term focus on operational excellence and its successful transition from a regional manufacturer to a global brand powerhouse.